Saudi pharma operator Nahdi posts 22% profit increase driven by higher revenue

RIYADH: The Saudi main index fell for the second straight session on Tuesday, as investors kept a close eye on earnings results and climbing oil prices. 

Brent crude rose to $114.95 a barrel, and West Texas Intermediate settled at $114.77 a barrel, as of 3:14 p.m. Saudi time.

The Saudi main stock index, TASI, fell 1.74 percent to reach 12,689, while the parallel market, Nomu, gained 0.65 percent to 22,687.

Saudi Enaya Cooperative Insurance Co. climbed 10 percent to lead the gainers, while Saudi Printing and Packaging Co. fell 4.86 percent.

In the financial sector, the Kingdom’s largest valued bank, Al Rajhi, edged down 4 percent, and Alinma Bank added 1.10 percent.

Saudi Aramco, the largest player on the Saudi oil market, ended Tuesday’s trading down 3.06 percent.

Saudi Industrial Services Co. fell 2.27 percent, after reporting that its quarterly profits slipped 98 percent.

Al Masane Al Kobra Mining Co. edged up 0.83 percent, after reporting a 21 percent jump in quarterly profits.

City Cement Co. dropped 2.17 percent, after posting a 74 percent decline in profit for the first quarter of 2022.

Nahdi Medical Co. rose 2.72 percent, boosted by a 22 percent increase in profit at the end of the first quarter of 2022.

Saudi Pharmaceutical Industries and Medical Appliances Corp. gained 1.21 percent, as it posted a rise in quarterly profit of 25 percent.